In an intriguing twist to the humdrum of cryptocurrency markets, the price of Aptos‘s native token (APT), surged remarkably on the news that the layer-1 blockchain has clinched a partnership with Microsoft to venture into new AI blockchain products. The APT, last seen trading in the region of $7.30s with a respectable 10% gain, is the brainchild of ex-Facebook employees, the same minds behind the social giant’s unfruitful Libra/Deim project.
The key collaboration will utilise Microsoft’s Azure Open AI Service to craft an AI-powered chatbot termed the Aptos Assistant. Through this, Aptos aims to simplify smart contract and decentralized app development for developers while bolstering the reach and utility of its blockchain ecosystem. Fascinatingly, the duo will further venture into creating blockchain-based financial products to harness more use-case scenarios, including the central bank digital currencies domain.
Nevertheless, the euphoria encompassing the APT’s surge gracefully winds down when the northbound momentum tapers off around the $7.75-$8.30 resistance zone. This price region marks kinetic pivots tracing back to earlier months, which includes May’s lows, July’s highs, and the gradual wavering around the 100DMA. The hurdle paints a cautious picture.
While a $100 price mark might seem far-fetched at this juncture, it’s not beyond the bounds of possibility, given the project’s impressive partnerships and future prospects. It’s indeed crucial to keep the bigger blockchain ecosystem in the backdrop when making this comparison. Consider Bitcoin’s market cap at nearly $600bn and Ethereum’s hovering around $220bn, both garnering remarkable adoption. Compared to these, Aptos hasn’t had a similar trajectory yet, but the anticipation is high.
Circling back, Aptos’ journey beyond the current circulating supply of nearly 220 million APT tokens may potentially lay the foundation for building a fully diluted $2.2 billion market cap, provided it touches the $10 price mark. Achieving a ten-fold growth from here, akin to hitting $100 per token, could catapult Aptos’s market cap to a stellar $100bn.
Notwithstanding, cryptocurrency remains a high-risk asset class, and as much as the sun could shine on Aptos, investors in the beleaguered blockchain sector are advised to approach presales with a pinch of salt. Cryptocurrencies, while promising exponential returns for early investors, bring an equal possibility of soul-crushing losses. The unwritten rule is – the higher the reward, the higher the risk. As Aptos navigates these challenges, the undeniably thrilling and oftentimes uncertain journey of blockchain adoption continues. It is a story that makes markets captivating and, indeed, very real for millions across the globe.
Source: Cryptonews
